Chairman and Managing Director of the RK Group, Gummi Ramreddy, has maintained that the real estate sector is very safe in Telangana and that the development in the sector will sustain further in Telangana even after the change of guards takes place.
In an exclusive interview with Real Estate Guru, Ram Reddy observed, “The real estate sector is always in for growth, which may fluctuate now and then. Some might entertain doubts over the future of the real estate sector, especially in light of the new regime coming to power in Telangana.”
In the past eight years, the outgoing government has taken measures for the wonderful development of the reality sector. Similarly, the new government will also strive for the development of the sector.
No other person would be more resourceful than he is in the reality sector, Ramreddy said in many interviews.
Tracing the development of the sector over the past several decades, he said that the future of the real estate sector would not be in peril. The land is always in limited supply, but the population increases. The real estate prices continue to grow because everyone needs a roof of their own on their head, he elaborated.
There should be balanced and equal development on all sides for a city to witness development, he said, adding that the development could be more in some places and comparatively less in other places.
The land prices have increased manifold in the Hyderabad Western region. The prices are not affordable. A common man is not in a position to acquire property in Hyderabad. Therefore, effecting changes in the housing policy is inevitable, he said.
If the outer growth corridor were to be developed, the dream of owning a house for all could be achieved. The prices of land in the region are comparatively lower. The Look East Policy of the previous regime could not be implemented. Therefore, the present regime should implement the policy of “look in all directions.”
With the development of the grid roads around the Ring Road, there is scope for the city to experience all-round development, leading to many people acquiring houses.
Regarding IT growth, the city of Hyderabad exceeded the garden city of Bangalore. All cities across the nation have one problem or another. For example, Chennai has the problem of flooding, while Delhi is reeling from air pollution. When it comes to the city of Hyderabad, it is free from such problems. Conditions favour the development of real estate in the city.
In 2023, the IT growth was rapid during the first six months, but it slowed down subsequently due to the state going to the elections. There are no other reasons for the slowdown in the IT sector. The real estate sector is safe in Telangana.
“According to my perception, whichever is the government that progresses in lending the much-needed support to the real estate sector,” he said, attributing it to many other sectors that are dependent on the construction sector for their sustenance.
“My strong belief is that the present regime focuses on infrastructure development. The new government will improve upon the existing policies in 2024. On the whole, the new year will augur well for the new government,” he said.
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